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Hyundai to Set Up $400 Million Joint Venture With Chinese Car Maker

SEOUL -- South Korea's top car maker Hyundai Motor Co. said Sunday that it will set up a joint venture next year with a Chinese auto maker to better meet rising demand for commercial vehicles.

Hyundai Motor and Chinese commercial vehicle manufacturer Baotou Bei Ben Heavy-Duty Truck Co. will invest a total of $400 million to set up a 50-50 joint venture and the Korean car maker said it aims to sell 100,000 units of heavy-duty trucks in China in 2014.